Q22
If the compound interest on a sum of money for 3 years at the rate of 5% per annum is Rs. 252.20, the simple interest on the same sum at the same rate and for the same time is ?
A.
Rs. 220
B.
Rs. 240
AnswerC.
Rs. 245
D.
Rs. 250
Answer: Option B
Solution
Answer: Option B
Solution:
\begin{aligned}
& {\text{Rate = 5% }} \\
& {\text{Time = 3 years}} \\
& {\text{Compound Interest Rs. 252}}{\text{.20}} \\
& {\text{Effective rate% of CI for 3 years}} \\
& {\text{ = 15}}{\text{.7625% }} \\
& {\text{Effective rate% of SI for 3 years}} \\
& {\text{ = 5}} \times {\text{3 = 15% }} \\
& {\text{Required SI }} \\
& {\text{ = }}\frac{{252.20}}{{15.7625}} \times 15 \\
& = 240 \\\end{aligned}